Document from CIS Legislation database © 2003-2020 SojuzPravoInform LLC

It is registered

Ministry of Justice

Russian Federation

On May 12, 2015 No. 37236

PROVISION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of December 22, 2014 No. 447-P

About curators of insurance companies

Based on the Law of the Russian Federation of November 27, 1992 No. 4015-1 "About the organization of insurance case in the Russian Federation" (Sheets of the Congress of People's Deputies of the Russian Federation and the Supreme Council of the Russian Federation, 1993, No. 2, Art. 56; Russian Federation Code, 1998, No. 1, Art. 4; 1999, No. 47, Art. 5622; 2002, No. 12, Art. 1093; No. 18, Art. 1721; 2003, No. 50, Art. 4855, Art. 4858; 2004, No. 30, Art. 3085; 2005, No. 10, Art. 760; No. 30, Art. 3101, Art. 3115; 2007, No. 22, Art. 2563; No. 46, Art. 5552; No. 49, Art. 6048; 2009, No. 44, Art. 5172; 2010, No. 17, Art. 1988; No. 31, Art. 4195; No. 49, Art. 6409; 2011, No. 30, Art. 4584; No. 49, Art. 7040; 2012, No. 53, Art. 7592; 2013, No. 26, Art. 3207; No. 30, Art. 4067; No. 52, Art. 6975; 2014, No. 23, Art. 2934, No. 30, Art. 4224; No. 45, the Art. 6154) and the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)" (The Russian Federation Code, 2002, No. 28, Art. 2790; 2003, No. 2, Art. 157; No. 52, Art. 5032; 2004, No. 27, Art. 2711; No. 31, Art. 3233; 2005, No. 25, Art. 2426; No. 30, Art. 3101; 2006, No. 19, Art. 2061; No. 25, Art. 2648; 2007, No. 1, Art. 9, Art. 10; No. 10, Art. 1151; No. 18, Art. 2117; 2008, No. 42, Art. 4696, Art. 4699; No. 44, Art. 4982; No. 52, Art. 6229, Art. 6231; 2009, No. 1, Art. 25; No. 29, Art. 3629; No. 48, Art. 5731; 2010, No. 45, Art. 5756; 2011, No. 7, Art. 907; No. 27, Art. 3873; No. 43, Art. 5973; No. 48, Art. 6728; 2012, No. 50, Art. 6954; No. 53, Art. 7591, Art. 7607; 2013, No. 11, Art. 1076; No. 14, Art. 1649; No. 19, Art. 2329; No. 27, Art. 3438, Art. 3476, Art. 3477; No. 30, Art. 4084; No. 49, Art. 6336; No. 51, Art. 6695, Art. 6699; No. 52, Art. 6975; 2014, No. 19, Art. 2311, Art. 2317; No. 27, Art. 3634; No. 30, Art. 4219; No. 45, of the Art. 6154) this Provision establishes procedure for appointment, obligation, the right and responsibility of employees of the territorial offices of the Bank of Russia and Department of the insurance market of the Bank of Russia exercising control and supervision of observance of the requirements of the insurance legislation of the Russian Federation appointed by curators of insurance companies (further - the curator).

Chapter 1. General provisions

1.1. The purpose of appointment of curators is ensuring implementation by the Bank of Russia of function of control and supervision of activities of insurance companies, including on the basis of the best understanding and assessment of such aspects of activities of insurance company as financial stability and solvency (condition of the capital, insurance reserves, insurance rates, reinsurance, quality of assets), corporate management (including the organization of internal control), transparency of structure of property, structure of insurance group in which the insurance company is parent organization or the participant.

1.2. The main objective of the curator is timely, complete and exact assessment of financial position of the insurance company assigned to it, including identification of shortcomings of its activities at perhaps earlier stages of their emergence, for the purpose of protection of the rights and legitimate interests of the insurers, insured persons and beneficiaries recognized by those according to the insurance legislation of the Russian Federation, the prevention and suppression of violations of requirements of the insurance legislation of the Russian Federation, and also the prevention of emergence of the situations menacing to stability of functioning of the insurance market of the Russian Federation.

1.3. The employee of Department of the insurance market of the Bank of Russia (territorial office of the Bank of Russia) whose professional and personal qualities provide effective solution of the task determined by Item 1.2 of this provision is appointed the curator.

1.3.1. The employee of the Bank of Russia appointed by the curator shall have the highest economic, either the highest legal, or the higher mathematical education and length of service at least two years in body of insurance supervision in the field of supervision of insurance companies or in the insurance company registered in the territory of the Russian Federation, rating agency in the field of the analysis of financial stability and solvency of insurance companies, auditing organization in audit areas of insurance companies or other higher education in case of work experience in body of insurance supervision in the field of supervision of insurance companies or insurance company, rating agency in the field of the analysis of financial stability and solvency of insurance companies, auditing organization in audit area of insurance companies at least three years.

1.3.2. The employee of the Bank of Russia appointed by the curator shall not:

have within three years preceding its appointment, employment relationships with the insurance company assumed to fixing to it and be during the specified term the board member (supervisory board) expected to fixing to it of insurance company;

be the owner (owner) of shares (shares) expected to fixing to it of insurance company, and also person, under control or considerable influence of which there is insurance company assumed to fixing to it. For the purpose of this provision control or considerable influence are determined according to the International accounting standard (IFRS) 10 "Consolidated financial statements" enacted in the territory of the Russian Federation by the order of the Ministry of Finance of the Russian Federation of July 18, 2012 No. 106n "About enforcement and cancellation of documents of International accounting standards in the territory of the Russian Federation", registered by the Ministry of Justice of the Russian Federation on August 3, 2012 No. 25095 (The Russian newspaper of August 15, 2012), with the changes enacted in the territory of the Russian Federation by orders of the Ministry of Finance of the Russian Federation of October 31, 2012 No. 143n "About enforcement of documents of International accounting standards in the territory of the Russian Federation" the registered Ministry of Justice of the Russian Federation on December 12, 2012 No. 26099 (The Russian newspaper of December 21, 2012), of May 7, 2013 No. 50n "About enforcement of the document of International accounting standards in the territory of the Russian Federation", the registered Ministry of Justice of the Russian Federation on June 14, 2013 No. 28797 (The Russian newspaper of July 12, 2013) and the International accounting standard (IAS) 28 "Investments into the associated and joint businesses", the order of the Ministry of Finance of the Russian Federation enacted in the territory of the Russian Federation of July 18, 2012 No. 106n "About enforcement and cancellation of documents of International accounting standards in the territory of the Russian Federation", the registered Ministry of Justice of the Russian Federation on August 3, 2012 No. 25095 (The Russian newspaper of August 15, 2012);

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 40000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.